Hello Everyone, A big thank you for all the interest in this study guide. It was originally created as a fun introduction that took the Cognitive Bias wiki and tried to make it easier to memorize. However, the authors of the wiki article have expressed some concern over the accuracy of certain entries. The document was taken down until that could be corrected. But, people started asking that I release a new version with a warning. In response, a new "Beta version" of the document has been uploaded with a very strong warning label up front and improved citations. I make it clear that all the text is based on an evolving wiki page and that some of the cognitive biases in there might be incorrect wiki entries. My hope is that this will continue to get people interested in pitching in to help fix the Cognitive Bias wiki pages. :) When the wiki is in a good place, I will take the document out of Beta, and will remove the warning label. If you are a cognitive expert, join “Operation Fix The Cognitive Bias Wiki!” Add your suggestion to the conversation here: http://en.wikipedia.org/wiki/Talk:List_of_cognitive_biases Thanks for your interest! Eric P.S. . The images have been updated for better remixing and sharing rights. Rather than using permission based images, now all the images are public domain or free non-commercial use by anyone.

1. BE
Warning! TA
The text for this
!
presentation is Beta!
Itʼs from a wiki page
that is still evolving.
Keep this in mind
while you read this
document. Some of
the cognitive biases
in here might be
incorrect wiki
entries. Hopefully this
document will inspire
more cognitive
professionals to chip
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spotless! Eventually,
this document will be
rereleased in pristine
form. Until then many
of you have asked for
a beta release. Here it
is. Also, the images
have been updated for
better remixing and
A Visual Study Guide to
COGNITIVE
sharing rights. Rather
than using permission
based images, now all
BIASES
the images are public
domain or free non-
commercial use by
anyone.
Operation Fix The
Cognitive Bias This document was prepared by Eric Fernandez.
Wiki Has Begun! Much of the text within is quoted from the cognitive
bias wikipedia pages (written in large part by Martin Poulter)
version 2.0

2. This document is an introductory study guide
It’s for anyone who is trying to study all of the cognitive biases so they can better
understand human thought and behavior. It’s based off of the latest Wikipedia entry for
cognitive biases (http://en.wikipedia.org/wiki/Cognitive_bias) and because Wikipedia
articles are always a work in progress, this should be thought of as a starting point to
study more professionally produced material such as Stuart Sutherland's "Irrationality",
Cordelia Fine's "A Mind of Its Own", Scott Plous' "The Psychology of Judgement and
Decision Making", Thomas Kida's "Don't Believe Everything You Think."
Within, this document you will find each bias presented with a short description and an
image to help aid the memory. Clicking on each bias will take you directly to the wiki
page where you can learn more.
The biases are organized into slides that can be
printed and mounted to mat board to make study
guide cards.
color printer spray mount creative dept. mat board cutting board

3. Legal Information
Wikipedia Text (The listed text under each cognitive bias)
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That means you are free:
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only under the same or similar license to this one.
Images
With the exception of the “Royal Society Of Account Planning” Logo on the front and last
page, all images on this presentation are either completely public domain or are free to
use for all non-commercial purposes. They are also all non-attribution.
Presentation as a whole
Other than the need to respect the existing licenses on the wiki text and several of the
images (non-commercial use only), you are free to do whatever you want with this
document. You can remix it, mash it up, distribute it however you see fit. Enjoy!

4. “The beginning of
wisdom, is the
definition of terms”
- Socrates

5. What is a cognitive bias?
Cognitive biases are psychological tendencies
that cause the human brain to draw incorrect
conclusions.
Such biases are thought to be a form of "cognitive
shortcut", often based upon rules of thumb, and
include errors in statistical judgment, social
attribution, and memory.
These biases are a common outcome of human
thought, and often drastically skew the reliability of
anecdotal and legal evidence. The phenomenon is
studied in cognitive science and social psychology.
Quoted from: http://en.wikipedia.org/wiki/Cognitive_bias

6. History
Amos Tversky Daniel Kahneman
The notion of cognitive biases was introduced by Amos Tversky and Daniel Kahneman in 1972.
and grew out of their experience of people's innumeracy, or inability to reason intuitively with the
greater orders of magnitude. They and their colleagues demonstrated several replicable ways in which
human judgments and decisions differ from rational choice theory. They explained these differences in
terms of heuristics; rules which are simple for the brain to compute but introduce systematic errors. For
instance the availability heuristic, when the ease with which something comes to mind is used to
indicate how often (or how recently) it has been encountered.
These experiments grew into the heuristics and biases research program which spread beyond
academic psychology into other disciplines including medicine and political science. It was a major
factor in the emergence of behavioral economics, earning Kahneman a Nobel Prize in 2002. Tversky
and Kahneman developed prospect theory as a more realistic alternative to rational choice theory.
Other biases have been demonstrated in separate experiments, such as the confirmation bias
demonstrated by Peter C. Wason.
Quoted from: http://en.wikipedia.org/wiki/Cognitive_bias

7. conte
nts
social biases memory biases
decision-making biases probability /belief biases

8. social biases

9. 19* social biases 19* social biases
Forer effect / Barnum effect Dunning-Kruger / Superiority Bias
Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
The tendency to give high accuracy ratings to descriptions of their Overestimating one's desirable qualities, and underestimating undesirable
personality that supposedly are tailored specifically for them, but are qualities, relative to other people. Also known as Superiority bias
in fact vague and general enough to apply to a wide range of people. (also known as "Lake Wobegon effect", "better-than-average effect",
For example, horoscopes. "superiority bias", or Dunning-Kruger effect).
Ingroup bias System justification effect /
The tendency for people to give preferential
treatment to others they perceive to be
members of their own groups.
Status Quo Bias
The tendency to defend and bolster the status quo. Existing social,
economic, and political arrangements tend to be preferred, and
Self-fulfilling prophecy alternatives disparaged sometimes even at the expense of individual
and collective self-interest. (See also status quo bias.)
The tendency to engage in behaviors that elicit results which
will (consciously or not) confirm existing attitudes.
Illusion of asymmetric insight
Halo effect People perceive their knowledge of their peers to surpass their peers'
knowledge of them.
The tendency for a person's positive or negative traits to "spill
over" from one area of their personality to another in others'
perceptions of them (see also physical attractiveness stereotype).
Illusion of transparency
Ultimate attribution error People overestimate others' ability to know them, and they also
overestimate their ability to know others.
Similar to the fundamental attribution error, in this error a
person is likely to make an internal attribution to an entire
group instead of the individuals within the group.
Herd instinct
False consensus effect Common tendency to adopt the opinions and follow the
behaviors of the majority to feel safer and to avoid conflict.
The tendency for people to overestimate the degree to
which others agree with them.
Fundamental attribution error /
Self-serving bias /
Actor-observer bias
Behavioral confirmation effect The tendency for people to over-emphasize personality-based
The tendency to claim more responsibility for successes than explanations for behaviors observed in others while under-
failures. It may also manifest itself as a tendency for people to emphasizing the role and power of situational influences on the same
evaluate ambiguous information in a way beneficial behavior (see also actor-observer bias, group attribution error,
to their interests (see also group-serving bias). positivity effect, and negativity effect).
Notational bias = Projection bias
A form of cultural bias in which the notational conventions of The tendency to unconsciously assume that others share the
recording data biases the appearance of that data toward (or away same or similar thoughts, beliefs, values, or positions.
from) the system upon which the notational schema is based.
Egocentric bias Outgroup homogeneity bias
Occurs when people claim more responsibility for themselves
ME us them Individuals see members of their own group as being relatively
more varied than members of other groups.
for the results of a joint action than an outside observer would.
Just-world phenomenon Trait ascription bias
The tendency for people to believe that the world is just and I You The tendency for people to view themselves as relatively variable in terms of
therefore people "get what they deserve." personality, behavior and mood while viewing others as much more predictable.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

10. memory biases

11. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
8* memory biases 8* memory biases
Suggestibility Rosy retrospection
A form of misattribution where The tendency to rate past events
ideas suggested by a questioner more positively than they had actually
are mistaken for memory. rated them when the event occurred.
Reminiscence bump Self-serving bias
The effect that people tend to Perceiving oneself responsible for
recall more personal events from desirable outcomes but not
adolescence and early adulthood responsible for undesirable ones.
than from other lifetime periods.
Egocentric bias
Cryptomnesia / Recalling the past in a
False memory self-serving manner, e.g.
A form of misattribution where a remembering one's exam grades
memory is mistaken for imagination, as being better than they were, or
or the confusion of true memories remembering a caught fish as
with false memories. being bigger than it was.
Hindsight bias
Consistency bias Filtering memory of past events
Incorrectly remembering one's past through present knowledge, so that
attitudes and behavior as resembling those events look more predictable
present attitudes and behavior. than they actually were; also known as
the 'I-knew-it-all-along effect'.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

12. decision-making
biases

13. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
42* decision-making biases 42* decision-making biases
Negativity bias
Hyperbolic discounting
The tendency for people to have a + Phenomenon by which humans
pay more attention to and give
stronger preference for more
more weight to negative than
immediate payoffs relative to later
-
positive experiences or other
payoffs, where the tendency
kinds of information.
increases the closer to the present
both payoffs are.
Interloper effect /
Consultation paradox
Irrational escalation The tendency to value third party
The tendency to make irrational consultation as objective, confirming,
decisions based upon rational and without motive. Also consultation
decisions in the past or to justify paradox, the conclusion that solutions
actions already taken. proposed by existing personnel within
an organization are less likely to
receive support than from those
recruited for that purpose.
Omission bias
The tendency to judge
Normalcy bias
harmful actions as worse, or
The refusal to plan for, or
less moral, than equally
react to, a disaster which
harmful omissions (inactions).
has never happened before.
Mere exposure effect Neglect of probability
The tendency for people to express The tendency to completely
undue liking for things merely disregard probability when making
because they are familiar with them. a decision under uncertainty.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

14. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
42* decision-making biases 42* decision-making biases
Planning fallacy Semmelweis reflex
The tendency to reject new
The tendency to underestimate
evidence that contradicts an
task-completion times.
established paradigm.
Déformation
professionnelle Not Invented Here
The tendency to look at things The tendency to ignore that a
according to the conventions of product or solution already exists,
one's own profession, forgetting because its source is seen as an
any broader point of view. "enemy" or as "inferior".
Impact bias Moral credential effect
The tendency for people to
The tendency of a track record of
overestimate the length or
non-prejudice to increase
the intensity of the impact of
subsequent prejudice.
future feeling states.
Bias blind spot Base rate fallacy
The tendency not to Ignoring available statistical
compensate for one's data in favor of particulars.
own cognitive biases.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

15. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
42* decision-making biases 42* decision-making biases
Focusing effect Framing
Using an approach or description
Prediction bias occurring when
of the situation or issue that is
people place too much importance
too narrow. Also framing effect –
on one aspect of an event; causes
drawing different conclusions
error in accurately predicting the
based on how data is presented.
utility of a future outcome.
Experimenter's
Illusion of control or Expectation bias
The tendency for human beings The tendency for experimenters to
to believe they can control or at believe, certify, and publish data that
least influence outcomes that agree with their expectations for the
they clearly cannot. outcome of an experiment, and to
disbelieve, discard, or downgrade
the corresponding weightings for
data that appear to conflict with
those expectations.
Outcome bias
The tendency to judge a decision
by its eventual outcome instead of Information bias
based on the quality of the decision The tendency to seek information
at the time it was made. even when it cannot affect action.
Post-purchase Extraordinarity bias
The tendency to value an object
rationalization more than others in the same
The tendency to persuade oneself
category as a result of an
through rational argument that a
extraordinarity of that object that
purchase was a good value.
does not, in itself, change the value.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

16. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
42* decision-making biases 42* decision-making biases
Distinction bias
Confirmation bias The tendency to view two
The tendency to search for options as more dissimilar
or interpret information in a when evaluating them
way that confirms one's simultaneously than when
preconceptions. evaluating them separately.
Choice- Contrast effect
supportive bias
A B
The enhancement or diminishing
The tendency to remember of a weight or other measurement
one's choices as better when compared with a recently
than they actually were. observed contrasting object.
Endowment effect
/ Loss aversion Bandwagon effect
The tendency to do (or believe)
"the fact that people often
things because many other people
demand much more to give up
do (or believe) the same. Related to
an object than they would be
groupthink and herd behavior.
willing to pay to acquire it".
(see also sunk cost effects)
Congruence bias Denomination effect
The tendency to test The tendency to spend more money
hypotheses exclusively when it is denominated in small
through direct testing, in amounts (e.g. coins) rather than
contrast to tests of possible large amounts (e.g. bills).
alternative hypotheses.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

17. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
42* decision-making biases 42* decision-making biases
Wishful thinking
Selective perception The formation of beliefs and the
The tendency for expectations to making of decisions according to what
affect perception. is pleasing to imagine instead of by
appeal to evidence or rationality.
Restraint bias
The tendency to overestimate
one's ability to show restraint
in the face of temptation.
0 Zero-risk bias
Preference for reducing a small risk to zero
over a greater reduction in a larger risk.
Reactance
Von Restorff effect The urge to do the opposite of what
The tendency for an item that "stands someone wants you to do out of a need
out like a sore thumb" to be more likely to resist a perceived attempt to constrain
to be remembered than other items. your freedom of choice.
Pseudocertainty effect Status quo bias
+
RISK
The tendency to make risk-averse The tendency for people to like things to stay
-
choices if the expected outcome is relatively the same (see also loss aversion,
positive, but make risk-seeking endowment effect, and system justification).
choices to avoid negative outcomes.
Need for Closure
Money illusion The need to reach a verdict in important
The tendency of people to matters; to have an answer and to escape
concentrate on the nominal (face the feeling of doubt and uncertainty. The
value) of money rather than its personal context (time or social pressure)
value in terms of purchasing power. might increase this bias.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

18. probability
/ belief biases

19. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
35* probability / belief biases 35* probability / belief biases
Texas sharpshooter fallacy
Positive outcome bias The fallacy of selecting or adjusting a
+ +
The tendency to overestimate the hypothesis after the data is collected,
probability of good things happening making it impossible to test the hypothesis
to them (see also wishful thinking, fairly. Refers to the concept of firing shots
optimism bias, and valence effect). at a barn door, drawing a circle around the
best group, and declaring that to be
the target.
Pareidolia
Telescoping effect A vague and random stimulus (often an
The effect that recent events image or sound) is perceived as
appear to have occurred more significant, e.g., seeing images of
remotely and remote events appear animals or faces in clouds, the man in
to have occurred more recently. the moon, and hearing hidden
messages on records played in reverse.
Survivorship bias
The tendency to concentrate on
Outcome bias
the people or things that The tendency to judge a decision
"survived" some process and by its eventual outcome instead of
ignoring those that didn't, or based on the quality of the decision
arguing that a strategy is effective at the time it was made.
given the winners, while ignoring
the large amount of losers.
Disregard of regression
Selection bias toward the mean
A distortion of evidence or
The tendency to expect extreme
data that arises from the way
performance to continue.
that the data are collected.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

20. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
35* probability / belief biases 35* probability / belief biases
Gambler's fallacy
Overconfidence effect The tendency to think that future
Excessive confidence in one's own probabilities are altered by past
answers to questions. For example, events, when in reality they are
for certain types of question, answers unchanged. Results from an
that people rate as "99% certain" turn erroneous conceptualization of the
out to be wrong 40% of the time. Law of large numbers. For example,
"I've flipped heads with this coin five
times consecutively, so the chance of
tails coming out on the sixth flip is
much greater than heads."
Hindsight bias
Sometimes called the
"I-knew-it-all-along" effect, the
tendency to see past events Clustering illusion
as being predictable.
The tendency to see patterns where
actually none exist. Gilovich example:
"OXXXOXXXOXXOOOXOOXXOO"
Observer-
expectancy effect
When a researcher expects a
given result and therefore Illusory correlation
unconsciously manipulates an
Beliefs that inaccurately suppose a
experiment or misinterprets
relationship between a certain
data in order to find it (see also
type of action and an effect.
subject-expectancy effect).
Hawthorne effect Last illusion
The tendency to perform or
The belief that someone
perceive differently when one
must know what is going on.
knows they are being observed.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

21. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
35* probability / belief biases 35* probability / belief biases
Availability cascade
Availability heuristic A self-reinforcing process in which a
Estimating what is more likely by collective belief gains more and
what is more available in memory, more plausibility through its
which is biased toward vivid, unusual, increasing repetition in public
or emotionally charged examples. discourse (or "repeat something long
enough and it will become true").
Belief bias
An effect where someone's
evaluation of the logical strength
of an argument is biased by the
believability of the conclusion.
? >
Conjunction fallacy
The tendency to assume that
specific conditions are more
probable than general ones.
Ambiguity effect
The tendency to avoid options for
which missing information makes
Ostrich effect the probability seem "unknown".
Ignoring an obvious
(negative) situation.
Capability bias
The tendency to believe that the
Attentional bias closer average performance is
to a target, the tighter the
The tendency to neglect relevant
distribution of the data set.
data when making judgments of a
correlation or association.
Authority bias
Disposition effect The tendency to value an
ambiguous stimulus (e.g., an art
The tendency to sell assets that
performance) according to the
have increased in value but hold
opinion of someone who is seen
assets that have decreased in value.
as an authority on the topic.
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

22. Quoted from http://en.wikipedia.org/wiki/List_of_cognitive_biases
35* probability / belief biases 35* probability / belief biases
Stereotyping Recency effect
Expecting a member of a group
to have certain characteristics / Peak-end rule
without having actual information The tendency to weigh recent
about that individual. events more than earlier events .
Subjective validation
perception that something is true if Primacy effect
1st
a subject's belief demands it to be The tendency to weigh initial events
true. Also assigns perceived more than subsequent events.
connections between coincidences.
Subadditivity effect
> Neglect of prior
The tendency to judge probability
of the whole to be less than the
probabilities of the parts. base rates effect
The tendency to neglect known
odds when reevaluating odds
in light of weak evidence.
Well travelled road effect
Underestimation of the duration taken
to traverse oft-traveled routes and
over-estimate the duration taken to
traverse less familiar routes.
Anchoring effect Optimism bias
The tendency to rely too heavily, or The tendency to be over-
"anchor," on a past reference or on optimistic about the outcome
one trait or piece of information when of planned actions.
making decisions (also called
"insufficient adjustment").
*number listed here is not an academic fact, it is simply listed to aid the memorization process.

23. If you are a cognitive expert, join “Operation Fix The
Cognitive Bias Wiki!” Add your suggestion here: http://
en.wikipedia.org/wiki/Talk:List_of_cognitive_biases.
This document will be updated periodically as the Wiki
improves. Thank you for your interest!